REC Silicon Annual Report 2019

64 Notes to the consolidated financial statements, REC Silicon Group REC Silicon Annual Report 2019 Income tax assets and liabilities in the statement of financial position (USD INMILLION) 2019 2018 Current tax assets 1.3 2.7 Current tax liabilities 24.3 24.5 Net current tax assets (+) / liabilities (-) -23.0 -21.9 Deferred tax assets 0.0 0.0 Deferred tax liabilities 0.0 0.0 Net deferred tax assets (+) / liabilities (-) 0.0 0.0 Current income tax assets relate to a refund of Alternative MinimumTax in the United State. Current tax liabilities for 2019 and 2018 are related to the change in estimates for prior years’ income taxes for REC Silicon ASA (see note 31). Deferred tax assets and liabilities, based on classification as current and non-current are as follows (USD INMILLION) 2019 2018 Deferred tax assets Deferred tax asset to be recovered after 12 months 60.8 59.5 Deferred tax asset to be recovered within 12 months 5.3 5.4 Offset deferred tax assets and liabilities -66.2 -64.9 Total 0.0 0.0 Deferred tax liabilities Deferred tax liability to be settled after 12 months 66.2 64.9 Deferred tax liability to be settled within 12 months 0.0 0.0 Offset deferred tax assets and liabilities -66.2 -64.9 Total 0.0 0.0 Net deferred tax liabilities 0.0 0.0 Tax losses and tax credit carry-forwards are presented as deferred tax assets to be recovered after 12months in the table above. The following are the major deferred tax liabilities (-) and assets (+) recognized by the Group and movements during 2019 (USD INMILLION) BALANCE JAN 1 RECOGNIZED IN INCOME RECOGNIZED IN OCI/EQUITY TRANSLATION DIFFERENCE BALANCE DEC 31 Total non-current assets -62.4 -2.1 0.0 0.6 -63.9 Total current assets 0.0 0.0 0.0 0.0 0.0 Total non-current liabilities -0.4 0.1 0.0 0.0 -0.3 Total current liabilities 5.4 0.0 0.0 -0.1 5.3 Tax losses and tax credits carry-forward recognized 1) 57.4 1.9 0.0 -0.6 58.8 Total 0.0 0.0 0.0 0.0 0.0 The following are the major deferred tax liabilities (-) and assets (+) recognized by the Group and movements during 2018 (USD INMILLION) BALANCE JAN 1 RECOGNIZED IN INCOME RECOGNIZED IN OCI/EQUITY TRANSLATION DIFFERENCE BALANCE DEC 31 Total non-current assets -51.4 -14.8 0.0 3.8 -62.4 Total current assets 0.0 0.0 0.0 0.0 0.0 Total non-current liabilities -0.4 0.0 0.0 0.0 -0.4 Total current liabilities 6.0 -0.3 0.0 -0.3 5.4 Tax losses and tax credits carry-forward recognized 1) 45.4 15.5 0.0 -3.5 57.4 Total -0.4 0.4 0.0 0.0 0.0 1) Tax losses and tax credit carry-forwards recognized at December 31, 2019 related to REC Silicon in the USA were USD 0.0million and USD 58.8million related to REC Silicon ASA.Tax losses and tax credit carry-forwards recognized at December 31, 2018 related to REC Silicon in the USA were USD 0.0million and USD 57.4 million related to REC Silicon ASA.